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5 Ways A Tax Review Can Help You Meet Your Financial Goals

As summer comes to a close, many of us take time to think about the exciting months ahead. With the holiday season approaching and a new year on the horizon, our attention will soon be directed toward family gatherings, holiday shopping, and preparing for winter. That’s why it is so important to take a few moments before it all starts and meet with, or at least speak to, your CPA for a mid-year tax review. By taking just a short portion of your day to get a tax review, you can uncover a number of valuable opportunities to save money on your taxes, as well as plan for your upcoming financial goals. Here are just a few ways a tax review can help you:

Stay Focused on your Financial Goals – When you approach your 2014 taxes in a proactive manner, you’re not influenced by the stress and urgency of tax deadlines. As a result, you’ll make decisions that are based on your financial goals, rather than making last-minute choices that don’t provide you with real, long-term benefits.
Find Opportunities for Tax Savings – If you meet with a tax professional and do a “practice run” through your tax return forms, you can get an idea of how your current financial situation benefits and hinders you from a tax perspective. This allows you to make adjustments that will save you money when it’s time to file your returns.
Understand Your Income Sources – Have you recently changed employers, been promoted, bought or sold stocks or other investments, or started your own business? All of these can have an effect on your taxes; it is important to review past returns and your current withholdings with a tax professional to ensure that there are no surprises when tax time arrives. This is also a great opportunity to consider whether financial assets accruing dividends, interest, and/or other types of income are optimized for tax purposes.
Plan for Your Children – If you’ve recently had a child, odds are you are already thinking about their future. And since children grow up so fast, it’s important to start planning for their financial success as soon as possible. This means creating a plan for the cost of their education as well as any gifts or savings accounts you’d like them to have in the future. For example, when is the right time to set up a 529 college savings plan and which one should you choose? By planning ahead for these financial goals, you can develop a tax strategy that helps you realize these goals as soon as possible.
Plan for Your Own Future – While it may be hard to see ahead to the day you’ll finally retire, it’s important to start planning early so you can retire comfortably when the time arrives. By meeting with a tax professional for a mid-year review, you can ensure you are getting the most benefit from retirement essentials such as your 401(k) programs, IRA plans, and Social Security, in addition to making smart long-term tax decisions.
With a small investment of time now, you can get on track for your financial goals and realize them much quicker than you would without a plan. The tax professionals at 212 Tax have helped many residents in the five boroughs of NYC create efficient, realistic tax strategies that help them save money – and save stress as tax season approaches. If you’re interested in learning more about how a tax review can help you, call us today at 646-699-4818 or fill out our easy request form.

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